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Budget Format

Agencies may have forms that are to be completed or will prescribe the budget format that must be used. They will identify specific cost categories and usually give information relative to allowable and non-allowed costs. Directions concerning how to fill out the budget section should be read carefully. The budget should be subdivided into periods of 12-month duration (unless partial year funding is anticipated). A “starting date” should be specified so that accurate budget calculations can be made. If more than one year of funding is requested, a budget summary of all years should be included. All budget entries must be rounded to the nearest whole dollar.

If a particular format is not specified by the agency, the following example may be used. Categories not appropriate for your project would not be included.

Salary and Wages

The salary category in the proposed budget should include the names and/or position titles for all personnel who will be involved in the project. The percent effort to be applied to the project should also be shown. Total salary costs can be determined by applying the percentage of effort to the current base salary. An appropriate escalation rate (e.g. 5%) may be used to project salary rates beyond the initial fiscal year. No commitment by the institution and no constraint on the rate of increase for an individual is implied by this standard percentage increase procedure.

If a faculty member is working on several sponsored projects, no more than 100% person effort may be committed to the sum of all projects and other University responsibilities. Summer salary for faculty with academic year (AY) appointments may be calculated at one-ninth of the AY salary for each month of summer effort. A maximum of 3 months may be included for the summer. Adherence to the rules applied by the funding source will be enforced.

Salaries of administrative and clerical support staff when charged as a direct cost must be justified. Duties directly involved with the proposed project must be clearly identified and the time and effort of clerical staff directly funded by the grant must be project related.

Personnel may be hired to work on a sponsored project on an hourly basis for periods up to 12 month or as salaried individuals. Individuals hired on the hourly basis receive no staff benefits other than Social Security (benefit rate of 8%) and should be advised accordingly. The Human Resources Director should be consulted to obtain the appropriate hourly rates for various categories of employment.

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Fisk University, in its educational programs and activities involving students and employees, does not discriminate on the basis of race, color, national origin, sex, religion, or age. Furthermore, the university does not discriminate against veterans or individuals with disabilities.